Press Statement

The Polit Bureau of the Communist Party of India (Marxist) has issued the following statement:

CPI(M) Condemns Privatisation of IBP

The BJP-led government has decided to privatise the first public sector oil company, the Indo-Burma Petroleum Company. The Polit Bureau of the CPI(M) condemns the cabinet proposal for the strategic sale of IBP through international bidding to MNCs which will open up marketing of oil to foreign companies.

The Central government will own only 26 per cent of the equity which will hand over the control of the company to the foreign strategic partner.

The decision of the Cabinet Committee on Disinvestment has reversed the norms fixed by the Central government in 1997 to facilitate entry of MNCs in the highly profit-making oil marketing sector.

This decision would further open the floodgates of handing over oil marketing units to MNCs which will immensely harm the economy. The foreign companies who control the oil production will further garner more profits by taking advantage of the recent price rise of petroleum products in the country.

The Polit Bureau appeals to the people of all affiliations to oppose this anti-national decision of the NDA government which has decided to hand over the strategic oil distribution to MNCs in such a reckless manner.